They won't default, Treasury will bail them out. It's all smoke and mirrors to distract us from the fact that the people's pensions are tied up in this scam, and they'll be in deep sh*t with those people if the tolling doesn't go ahead. I've never seen government so adamantly back an institution before this, and there's a reason for that.

if they default, then its the gov employees/pension fund that gets hurt ... not so much international investors .. although it will drop the SA credit rating even further .... which may be a good thing, as we cannot borrow more money to build more white elephants

I would still like to see how SANRAL or the DoT explain the cost of approximately R100mil for a km of road!!